Cummins Inc. $CMI Stock Holdings Lessened by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 18.2% in the first quarter, Holdings Channel.com reports. The fund owned 172,482 shares of the company’s stock after selling 38,319 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Cummins were worth $92,792,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Northwestern Mutual Wealth Management Co. raised its position in shares of Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after purchasing an additional 2,434,876 shares during the period. Norges Bank purchased a new stake in shares of Cummins during the fourth quarter valued at $863,441,000. Boston Partners acquired a new position in shares of Cummins in the 3rd quarter valued at $473,471,000. SG Americas Securities LLC increased its stake in Cummins by 257.9% in the 1st quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock worth $396,343,000 after purchasing an additional 530,812 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in Cummins by 245.1% in the 4th quarter. First Trust Advisors LP now owns 542,796 shares of the company’s stock worth $277,071,000 after purchasing an additional 385,525 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Trading Down 5.6%

Shares of NYSE CMI opened at $605.63 on Thursday. Cummins Inc. has a one year low of $354.68 and a one year high of $737.76. The firm has a market capitalization of $83.57 billion, a PE ratio of 31.43, a PEG ratio of 1.56 and a beta of 1.22. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The business has a 50-day moving average price of $670.30 and a two-hundred day moving average price of $621.86.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.96 EPS. As a group, analysts predict that Cummins Inc. will post 29.39 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a $2.20 dividend. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a yield of 1.5%. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is currently 45.67%.

Insider Transactions at Cummins

In other Cummins news, VP Donald G. Jackson sold 730 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the sale, the vice president owned 8,316 shares in the company, valued at $5,912,010.72. This represents a 8.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction on Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the sale, the insider directly owned 10,404 shares of the company’s stock, valued at $7,165,755. This trade represents a 6.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Citigroup lifted their target price on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Argus boosted their price target on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. Wells Fargo & Company raised their price objective on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. Finally, Robert W. Baird set a $700.00 price objective on shares of Cummins in a research report on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and an average price target of $740.07.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.